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Smith, A. (1776). An Inquiry into the Nature and Causes of the Wealth of Nations. In The Glasgow Edition of the Works and Correspondence of Adam Smith, Vol. 2: An Inquiry into the Nature and Causes of the Wealth of Nations, Vol. 1. Oxford University Press.

has been cited by the following article:

• TITLE: Entropy Theory of Wealth: Thermodynamic Analysis of the Economy

  AUTHORS: Peter Stallinga

  KEYWORDS: Labor Theory of Value (LTV), Physics, Politics, Energy Theory of Value (ETV), Thermodynamics

  JOURNAL NAME: Modern Economy, Vol.15 No.12, December 18, 2024

  ABSTRACT: The economy is analyzed on basis of thermodynamic principles, especially the law of maximum entropy production (LMEP). With thermodynamics self-evident, the reasoning is applied to the entire economy. The idea of Energy Theory of Value (ETV) is worked out and the consequences are presented. The Energy Theory of Value for the macro-economy is then an Entropy Theory of Wealth (ETW). A unit of money, the “boltz” is proposed for economy, which is equivalent to 1 megajoule. This is then applied to organization of society, with two extremes, unfettered capitalism, and communism. Any interference in the economy makes the society less efficient and prone to be taken over, since it does not follow LMEP.